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Council approves 30‑year tax exemption for 701 Newark Ave.; developer commits to 25% affordable units and project‑labor agreement
Summary
After a lengthy public hearing and heavy union and neighborhood input, the Jersey City Municipal Council approved a 30‑year tax exemption for 701 Newark Avenue that includes 25% affordable units and a project labor agreement. Council members stressed monitoring and deed restrictions to secure affordability and local hiring commitments.
The Jersey City Municipal Council unanimously approved a 30‑year tax exemption for 701 Newark Avenue (ordinance 25‑048) after public testimony from union leaders, neighborhood advocates and the developer’s attorney, who said affordability and labor commitments would be recorded in writing.
The ordinance, adopted 8‑0, covers a mixed‑use development in Journal Square that will include roughly 360 units, of which the developer and project team said 25 percent (about 90 units) will be income‑restricted, including a portion restricted at 50 percent of area median income (AMI). The applicant provided a signed project labor agreement (PLA) and said the affordability restrictions would be recorded in perpetuity.
Council members and dozens of residents, union representatives and contractor groups testified over nearly two hours during the public hearing. Speakers from 32BJ SEIU and the Hudson…
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